Market Intelligence Hawaii Island Market Update Q3 2023 vs 2024
I often compare numbers between one quarter and the next, but this time I felt a look back to the 3rd quarter of 2023 would help determine market direction a bit. Remember, during the summer of 2023, interest rates started to bump up, inventory was very low, and sales numbers began to constrict. Because inventory was low, demand remained high. Inventory levels are slowly increasing (especially this quarter). Low inventory has caused many new listings to go under contract quickly.
Hilo and HPP remain very active. Pricing in those areas remains strong, even showing a slight increase year over year. Sample size in many of the other areas is small, so I’m not surprised to see big price swings. Insurance woes in Leilani Estates and Nanawale Estates and the rest of Lava Zones 1 & 2 will put pressure of those properties to stay under the HPIA $450k cap.
On another topic, those worried about scammers listing their property without permission should contract your agent to put you on an automatic notice in case your property does pop up on the market. It’s even happening for local owners. Don’t see your neighborhood? As always, feel free to give us a call or drop us an email so we can deliver your personalized house value report directly to your inbox. It’s free and no one will call. Don’t do computer? No problem. We’ll even snail mail the information if you wish. Whether buying or selling, Team Nakanishi is always here to help.
Here’s to a strong finish to 2024.
About the Author
Denise Nakanishi
Denise Nakanishi is a REALTOR Broker with Hawai'i Life.
Denise Nakanishi is one of Hilo's most acclaimed real estate agents. She reached the rank of Major in the US Army and is now known by many as "Major Mom." The nickname fits–not only does Denise bring the discipline and mission-oriented attitude you'd expect, she's also caring and compassionate, always looking out for her clients like they're her own family.
Having made the Big Island her home since 1987, Denise combines her extensive knowledge of the area with a sharp focus on customer service and the results speak for themselves. She's the recent recipient of the Best East Hawai`i, Best of Zillow, Chairman's Circle Award, President's Circle, Top Producing Agent since 2001, and Realtor of the Year awards. Denise stays ahead of the curve because she's passionate about education–she served as Education Chair for Hawaii Island REALTORS® for many years. She's one of Big Island's best real estate resources, known for her weekly article in the Hawaii Tribune Herald.
Denise leads Team Nakanishi for Hawai`i Life, who is committed to their family, work, and community. In her little time away from work, Denise is a committed runner and Grandy. She also devotes many hours to various Veterans' Organizations, the East Hawaii Cultural Center, and the Hawaii Island REALTORS®. You can email me at denise@hawaiilife.com or via phone at (808) 936-5100.
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